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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Aug 22, 1890
Page
7
A London Iron Age telegram notes Pittsburg buyers bidding on old rails in New York amid mixed Southern demand. Prices for old rails hover around 25 to 45 per ton with foreign markets showing upward movement and dampened American activity.
London speculation in pig iron warrants drives wide price swings with Scotch trades at 49 6d and Cleveland near 85 9, later advancing. Outside buyers cover short sales as makers’ iron rises. Swansea Bessemers and various pig-iron warrants show gains while prompt deliveries tighten. Copper and lead provide limited change as supply tightens and prices rise.
Telegram dispatch notes lively coke demand with limited car supply hindering shipments. Railroads struggle to meet Western and Eastern needs as 2200 ovens idle or firing, 80 new ovens rising at Paull, Pennsville and Charlene plants affected by labor issues, with weekly shipments around 1,067 cars and prices listed for furnace and crushed coke.
CATTLE receipts 1837 head shipments 1455 head market steady through consignments no cattle to New York today hogs receipts 2000 head shipments 2100 head market firm best corn fed steers 60 to 90 dollars per head grassers 40 to 60 dollars per head pigs 40 to 50 dollars per head shipments 1400 head market very dull with slight activity at yesterday's prices
Regional market notes show Buffalo receipts of 4 029 cattle with 14 264 week to date and New York consignments of 3 30 head. sheep and lambs receipts 2 500 with 1 800 to New York. hogs 4 340 in 3 hours, 30 490 week to date with 2 240 to New York. Chicago reports cattle 15 000 receipts, market higher with steers 3 25–3 75. hogs 30 000 receipts, higher values. sheep 7 000 head, steady to firm. St Louis lists cattle receipts 1 400 with steady to good demand. shipments 2 head.
HR T Gayley denies partnership with either the prosecutor or J M Jacobs and says he conspired to defraud the prosecutor. An installment dealer with a Penn avenue store he sold goods and accepted a judgment note. He sold Cunningham's store to recover after the suit filing.
The Bellevennon Railway Company has secured right of way from farmers and will extend the line to Fayette about 15 miles north of the current ruinous. It is believed this marks the start of further extension toward Morgantown. The text also briefly mentions Ginger Tonte as a health product.
Proponents work on several route options for a short cut railroad to Homestead. Greenfield and Saline avenues right of way secured. cemetery land may be used if the plan proceeds. Key parcels and mortgages are in flux as deals and construction plans loom, with lumber demand and river trade also noted.
Slow trading leaves sentiment subdued with light gains only in a few issues. Shares traded total 206978 with mixed results across Atchison Topeka Southern, Delaware Lackawanna and Western, Lake Shore, Missouri Pacific, Northwestern, and Pacific Mail among others.
A day's view of the local money market parallels prior conditions. Banks report ample funds and strong demand for discounts, with money moving toward liquidity. The Windom plan and bond surrender offer potential relief, while money on call in New York remains tight at 4 to 6 percent.
Global money demand remains strong though New York experiences tighter conditions. Bank of England bullion inflows rise to £16.0 million, with reserve ratio at 43.70 percent. Boston and Philadelphia clearings exceed $12 million and $15 million respectively, while Chicago reports ample liquidity with 6 percent on call loans.
A surging decline hit the oil floor with Buckeye slipping from 373 to 343 amid a weak opening and narrow rally. Pennsylvania oil followed suit closing at a new low as refined products show softer demand and lower activity under thin trading conditions.
New York and Oil City reports show Lima and Pennsylvania crude slipping early but steadying by close. Trading details include opening highs and lows, with totals of about 4000 barrels in one segment and sizable regional activity across Bradford Pittsburg and Beadford markets.
The New York market endured sharp losses as bears led liquidation amid high money rates and labor tensions on Vanderbilt lines. Stocks fell broadly after opening, money costs spiked, and silver certificates declined about 2 percent while Bank of England discount rates shifted.
The market rallied briefly with hopes of favorable action lifting crude prices and stressed grains while sugar declined. Stocks fell across the board with most lines down and bonds easing, as leaders like Rock Island and Union Pacific saw minor losses and government issues remained quiet.
Philadelphia stocks closing quotations for Wortney and Stephenson brokers note changes for Northern Pacific and its preferred. Market update includes figures and listings for the Fourth Avenue exchange amid mixed results with emphasis on Northern Pacific activity.
A catalog of mining properties includes Adams ee Caledonia B. H. Homestake and Sierra Nevada with listed values such as 260 185 1000 355 4100 800 250 and Sutter Creek 115. Ontario and Horn Silver appear among the entries alongside other named sites.
River intelligence notes a surge in levels on the Monongahela from 6 feet 11 inches to 6 feet 2 inches as rains continue. The Allegheny and Ohio show rising currents with potential coal shipments by barge as crews prepare to sail. freight and passenger traffic remains active at Brownsville and Pt Pleasants with vessels arriving and departing. Captain Applegate succeeds Krapp on the harbor boat Lark and the C W Batchelor prepares to run to Cincinnati on high water. pilots report slow river conditions reducing available inducements.
New York August 7. Business at first hands was more general and more active in replenishing orders. Woolen dress goods prints ginghams bleached cottons of all grades in good demand and a fair steady request for brown and colored cottons. The cotton goods market continues firm. The jobbing trade was quite active mainly with Southern and Southwestern buyers.
In New York a local firm unveils a collection of historic portraits including notable figures from early American art and industry. The event highlights preservation efforts and a loan program for regional museums.
An advertisement proclaims Byrup of Figs restores health and strength by cleansing the system when costive or bilious. Sold for 80c and 1 bottle by leading druggists, with Canada ice also offered. Address B Horsox Mayville, N. Also notes saloons keep it.
Instability in food markets as jobbers anticipate a sharp rise in Ohio cheese within days. New York buyers have boosted heavy purchases while creamery butter and various dairy items rise. apples, eggs, and fruits show firm demand, with prices for cheese and butter advancing and celery and tomatoes noted in regional ranges.
The August grocery trade shows unusual activity as fruit and vegetable shortages push prices up. Jobbers expect a busy fall with higher rates, while staples markets trend upward and heavy buying persists. Volume notes large-scale prices for coffee, sugars, syrups, molasses, and dried fruits across numerous brands and varieties.
Sales on call at the Grain Exchange report 1 car sample oats at 42 cents per cwt and spot for 1 car No 2 w. oats September delivery 4le. Total receipts 50 cars with bylines listing oats hay flour wheat by several railroads. Flour prices volatile with profits tight and implied advance of 25 cents per barrel expected soon.
Fragmentary OCR reading lists various groceries and prices including bacon, salt, barrels, pails, cans, tinned goods, and a note about boneless offerings. Mentions figures like 2 and 100 with unclear units. The passage appears to be a brief prior market inventory or prices column.
Chicago markets showed subdued volume with wheat opening steady then sliding about 4 cents, later rallying to near outside prices before settling about 4 cents lower for December. Corn moved unsettled with a late rally amid rain forecasts in Iowa, closing around a 4 to 1/4 cent gain. Meat and lard offered moderate activity amid a firm yet mixed trading day across multiple futures and spot prices.
The Keystone Watch Company yesterday filed a suit against William P. Windsor and Michael Burkholder to recover 454 dollars. Windsor acted as an agent and was short that amount in his accounts, and the action seeks collection on his bond.
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